How can I protect my house? My Inheritance? My Legacy?
For most people the largest asset that we own is our home. It is something we have worked hard for all of our lives. Remember the feeling when that final payment was made and it truly belonged to us?
Imagine, once it was paid for if someone tried to take it away from us. How would that make you feel? Perhaps we want to leave the home to our children. What if what we planned for them didn’t happen for reasons that were in our control but we just never knew it.
There are things that you can do to protect your Assets, your home, your family.
Step 1 – Make sure you have a current Will. If you do not have a Will the people you may think automatically will inherit your estate may not. If you do have a Will, is it stored safely? If your only Will, for example, is destroyed in a house fire, it would be like you never had one in the first place. Is it current? Are your children under or over 18? Is guardianship included? Do you have children that need more help? Is this catered for in your Will?
Step 2 – Make sure you have Lasting Powers of Attorney (LPAs) in place. They are for Health and Welfare and Property and Finance. They are for use in the event that you lose capacity. Today over 40,000 people over the age of 65 suffer some form of dementia. But it's not just dementia. Strokes, car accidents and falls from buildings can all cause incapacity. Did you know, if you have a joint bank account with your partner and either of you was incapacitated, that the bank accounts could be frozen to protect the vulnerable partner? An LPA is needed to unlock them. If you do not have one, it can take upwards of 9 months to get one in retrospect and cost almost 500% more than sorting it out in advance. If, in that 9 months, you do not have access to your joint account, how does the mortgage get paid? The bills?